Cardano Price Prediction for Today, July 8: ADA Moves Sideways; Price Drops Below $0.50

Updated: 08 July 2022

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The Cardano price prediction shows that ADA is sliding below the moving averages as the coin trades below the $0.50 level.

Cardano Prediction Statistics Data:

Cardano price now – $0.46
Cardano market cap – $15.9 billion
Cardano circulating supply – 33.9 billion
Cardano total supply – 34.2 billion
Cardano Coinmarketcap ranking – #8

ADA/USD Market

Key Levels:

Resistance levels: $0.75, $0.80, $0.85

Support levels: $0.25, $0.20, $0.15

Buy Cardano Now

ADA/USD is likely to stay below the 9-day and 21-day moving averages as the coin heads to the south. Looking at the daily chart, the bears may likely increase the selling pressure, and the Cardano price may lose momentum below the moving averages along with a potential price surge.

Cardano Price Prediction: ADA/USD May Follow the Downtrend

The Cardano price is moving sideways as the coin the bears take charge of the market. Meanwhile, a bullish cross above the upper boundary of the channel is needed to correct the immediate bearish pressure and take the coin back on the recovery trend. Once it is out of the way, the upside is likely to gain traction with the next focus at the resistance levels of $0.75, $0.80, and $0.85.

However, on the downside, once the support level of $0.45 is broken, the sell-off could increase with the next focus at the nearest support level of $0.40, which could be followed by the nearest support level of $0.35. Therefore, if these levels are broken, the downside pressure may increase and the next support is created by the critical supports at $0.25, $0.20, and $0.15 as the technical indicator Relative Strength Index (14) remains below the 50-level.

ADA/BTC Market: Cardano Price May Follow the Downside

Compared with BTC, the Cardano (ADA) is following a downward trend as revealed by the technical indicator Relative Strength Index (14). Although the market price is unstable as it hovers around 2153 SAT. Meanwhile, a low swing could push the coin to the support level of 1700 SAT and below. At the moment, the bears are in control as the Relative Strength Index (14) may stay below 40-level.

On the other hand, a rebound may occur if the buyers could defend the 2200 SAT and push it above the 9-day and 21-day moving averages which could help the coin to hit the potential resistance level of 2700 SAT and above.

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